BNDES could profit R$ 12,7 billion from JBS's dual listing in Brazil and the US.

247 - The Brazilian National Bank for Economic and Social Development (BNDES) has the opportunity to substantially increase its gains from JBS shares, estimating an appreciation of approximately R$ 12,7 billion with the possibility of a dual listing of the food industry giant on the Brazilian (B3) and US (NYSE) stock exchanges. This information comes from... Folha de S. Paul.

BNDES holds a 20,8% stake in the company, founded by the Batista brothers. The negotiation, which promises to bring significant gains to the bank, is being closely monitored by investors and market analysts.

Last Monday (17), BNDES announced an agreement with J&F, the holding company that controls JBS, in which the bank commits to abstaining from voting at the shareholders' meeting that will decide on the initial public offering in the United States. The condition for this decision is that the SEC, the US capital market regulator, gives its approval, which is expected by the end of the third quarter of this year.

As part of the agreement, JBS agreed to take out insurance worth R$ 500 million, which will be paid to BNDES if the company's shares do not reach a certain level by the second half of 2026. This move aims to unlock JBS's market value, which is currently below what would be expected for companies of similar size.

JBS holds an 83% stake in Pilgrim's, one of its main subsidiaries, and the company's market value is estimated at 6,4 times its EBITDA (earnings before interest, taxes, depreciation, and amortization). JBS used this ratio as a benchmark to estimate the potential appreciation the company could achieve with a dual listing in the US.

According to market data, companies in the same sector traded on the US stock exchange have multiples ranging from 8 to 12 times EBITDA, indicating the significant potential for appreciation that JBS could experience by also listing on the US stock exchange.